Our home currency is Euros because Kashflow did not support multi-currency bank accounts and our bank accounts are in Euro.
Up until now the VAT reports that are generated in Kashflow have been in Euro since there was no option to generate them in another currency (ie GBP) with correctly calculated sums based on HMRC published conversion rates.
Each VAT period we generate these reports then we manually convert the figures to GBP (using the official HMRC rate over the period) and file our VAT return on the HMRC website.
With the upcoming MTD how are we going to do this? Will Kashflow support converting VAT reports from the home currency to GBP using HMRC exchange rates?
Hi, There are no current plans to support converting to GBP using HMRC exchange rates. However, we are planning to introduce currency bank accounts later this year.